Eventually, Mathile named MacLeod CEO and became chairman of the board. By 1999, Mathile had grown The Iams Company to a 5.7% share of the U.S. pet food market and international sales of 100 different products in 75 countries. After a lengthy search, he sold the privately held, family-owned company to international conglomerate Procter & Gamble for $2.3 billion. Mathile based his decision in large part on the belief that P&G shared his commitment to product quality, Iams employees and customers, and the Dayton community. He distributed $100 million of the sale proceeds among Iams employees, committed $100 million to fund large-scale, community projects in the Dayton area, and distributed substantial, equal portions to his adult children.
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